Steel Mills
ArcelorMittal to produce electrical steel with IRA funding
Written by Laura Miller
April 19, 2024
After receiving a hefty federal tax credit, ArcelorMittal plans to produce non-grain-oriented electrical steel (NOES) in Alabama.
ArcelorMittal Calvert LLC received a tax credit of $280.5 million for the project, according to a Department of Energy (DOE) announcement on Friday.
The Qualifying Advanced Energy Project Credit (48C) tax credit is meant to accelerate clean energy and cut emissions in the manufacturing and recycling sectors. It is funded with $10 billion from the Inflation Reduction Act (IRA).
The DOE, Department of Treasury, and Internal Revenue Service (IRS) announced in March that 100 unnamed projects were receiving $4 billion in credits in the first round of the 48C program. The ArcelorMittal NOES project is one of 35 from round one that chose to voluntarily self-disclose information to DOE to share publicly.
A spokesperson for ArcelorMittal North America did not respond to requests for comment.
JSW takes the credit too
JSW Steel USA was also on the DOE’s list. The steelmaker is receiving a 48C allocation of $43.5 million to support the ongoing $ 145-million investment at its Mingo Junction mill in Ohio.
A JSW spokesperson had not responded to a request for comment as of Friday evening.
Editor’s note: This story has been updated from an earlier version which incorrectly identified AM/NS Calvert, a joint venture between ArcelorMittal and Nippon Steel, as moving into electrical steel production.
Laura Miller
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